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The Bank of Canada finally gave up telling us that they are going to raise the rate soon. This last Bank of Canada announcement left out the tightening bias. Considering they downgraded the growth forecast for Canada and the US, it is hard to believe that they would increase the rate as it would slow economic growth even more. Currently, most believe the Bank of Canada’s overnight rate will not change till the second half of 2015. What great news for people who took variable rates.
Also with the Canada Bond yield dropping in the last 2 months, there is no pressure to increase fixed mortgage rates either. In fact, it might drop.